MP Steel files draft papers for IPO

Ahmedabad-based MP Steel , a manufacturer of stainless-steel products, has filed its Draft Red Herring Prospectus (DRHP) with SEBI for an IPO. The IPO will include a fresh issue of equity shares worth INR 95 Cr and an offer for sale (OFS) of up to 23.07 lakh equity shares by the company's promoters. Monarch Networth Capital is acting as the sole book running lead manager to the issue.Founded as a manufacturer of stainless-steel products, the company produces items such as black and bright bars, forging ingots, channels, and fasteners. MP Steel serves a business-to-business (B2B) client base across industries including infrastructure, defense, automotive, shipbuilding, and power plants.The company plans to use the net proceeds from the fresh issue to establish a new billet manufacturing facility as part of its backward-integration strategy, fund incremental working capital requirements, and meet general corporate purposes.